Space tech startup SatSure raises funds from Baring Pvt Equity, others
Bengaluru-based space technology startup SatSure, which builds business intelligence using data from satellites for the banking and insurance industries, recently raised an undisclosed amount of equity led by Baring Private Equity India.
The company plans to use the capital to hire more people to grow its product portfolio and increase its international business footprint while capitalizing on its announced high-resolution optical and multispectral in-orbit payload demonstration mission. earlier this year.
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“Over the past four years, we have developed products for various markets where intelligence derived from spatial data forms the core of the offering, which is scalable globally, proving that such a business can be built. in a sustainable manner. Our vision is to build a full stack space technology company in India that owns the data source, data engine and software that will deliver simple plug and play solutions to end customers, ”said Prateep Basu, CEO of SatSure .
Arul Mehra, Partner at Baring Private Equity India, said: “SatSure’s approach to starting a business in a DeepTech industry like space technology is very unique. They make spatial data information easily usable with applicability in all sectors. Their SaaS product for agricultural risk assessment and monitoring has enabled reputable financial institutions to provide on-demand credit to farmers in India and other developing markets. Their insurance products allow insurance companies to achieve significant savings on underwriting, monitoring and claims for several categories ”.
Founded in 2017 by alumni of the Indian Institute of Space Science and Technology (IIST) Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju, the startup has since joined a team of more than 50 people before raising its first round of funding. institutional. The company’s work in activating farmers’ financial inclusion, insurance, agricultural inputs and climate technology has been recognized by reputable international and national organizations, such as the Ministry of Agriculture and Farmer Welfare, the World Economic Forum and the Asian Development Bank, to name a few.
Currently, he has ties to companies like ICICI Bank, Reliance General Insurance and Samunnati Finance, among others, and is looking to expand his team to 100 people by March 2022 with this new round of funding.
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